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Insertion of new section 32AD- Investment in new plant or machinery in notified backward areas in certain States

Section 11 - Act - DIRECT TAXES - Income-tax - Finance Act - Section 11 - Insertion of new section 32AD 11. After section 32AC of the Income-tax Act, the following section shall be inserted with effect from the 1st day of April, 2016, namely:- Invest .....

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d area notified by the Central Government in this behalf, in the State of Andhra Pradesh or in the State of Bihar or in the State of Telangana or in the State of West Bengal and acquires and installs any new asset for the purposes of the said underta .....

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ch new asset for the assessment year relevant to the previous year in which such new asset is installed. (2) If any new asset acquired and installed by the assessee is sold or otherwise transferred, except in connection with the amalgamation or demer .....

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new asset shall be deemed to be the income of the assessee chargeable under the head Profits and gains of business or profession of the previous year in which such new asset is sold or otherwise transferred, in addition to taxability of gains, arisin .....

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on 47 within a period of five years from the date of its installation, the provisions of sub-section (2) shall apply to the amalgamated company or the resulting company or the successor referred to in clause (xiii) or clause (xiiib) or clause (xiv) o .....

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